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<br />200806240
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<br />14. D~FAU~T. Trust?r will be in default if any party obligate~ on the Secured Debt fails to make payment when due. Trustor
<br />w1l1 be m default If a breach occurs under the terms of thIS Security Instrument or any other document executed for the
<br />~urp~se. of creatin~, securing or guarantying the ~ecure~ Debt. A good faith belief by Beneficiary that Beneficiary at any
<br />hme IS msecure WIth respect to any person or entIty obhgated on the Secured Debt or that the prospect of any payment or
<br />the value of the Property is impaired shall also constitute an event of default.
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<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide Trustor with
<br />~ot!ce .of th~ right to cur~ or other notices and may establish time schedule~ for f~reclosure actions. Subject to these
<br />hmltatlOns, If any, BeneficIary may accelerate the Secured Debt and foreclose thIS Secunty Instrument in a manner provided
<br />by law if Trustor is in default.
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<br />~t the. option of Beneficiary, all or .lIl!-Y part. of ~he ag~eed fees and charges, accrued interest and principal shall become
<br />Immed.l~tely due an~ payable, after ~1V1ng notIce If requlf~ by 1 a:", ' upon the occurrence of a default or anytime thereafter.
<br />In addlhon, BeneficIary shall be entItled to all the remedIes prOVIded by law, the terms of the Secured Debt this Security
<br />Instrument and any related documents, including without limItation, the power to sell the Property. '
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<br />If there is a default, Trustee shall, in addition to any other pennitted remedy, at the request of the Beneficiary, advertise
<br />ll!ld sell the Property as a :",holeyr in separate parcels at public auc~ion to the highest bidder for cash and convey absolute
<br />utl17 free and c~ear o~ all ngh~, hUe_and nrterest of Trustor at such- tlm~ 3?d place as Trustee designates. Trustee shall give
<br />notice of sale mcludmg the ttme, terms and place of sale and a descnptlon of the property to be sold as required by the
<br />applicable law in effect at the time of the proposed sale.
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<br />Upon s~e of the property an~ to the extent not prohibited by law, 'Trustee shall make and deliver a deed to the Property
<br />sold whIch conveys absolute htle to the I?urchaser, and after first paymg all fees, charges and costs, shall pay to Beneficiary
<br />all. m~:meys adyanced for repairs, taxes, msuran~e, liens, assess~ents and prior encumbrances and interest thereon, and the
<br />pnnclp~l an~ mterest on the Secured Debt, paym~ the s1!rplu~, If any, to Trustor. Beneficiary may purchase the Property.
<br />The recItals m any deed of conveyance shall be pnma facIe eVIdence of the facts set forth therein.
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<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies I?rovided at law or
<br />equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum in payment or partIal payment on the
<br />Secured Debt after the balance IS due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver
<br />of Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
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<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
<br />prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security
<br />Instrument. Trustor will also pay on demand any amount mcurred by Beneficiary for insurin~, inspecting, preserving or
<br />otherwise protectin& the Property and Beneficiary's security interest. These expenses will bear lOterest from the date of the
<br />payment until paid m full at the highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees
<br />to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and
<br />other legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
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<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2)
<br />Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" or "hazardous substance" under any Environmental Law.
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<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />are, and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br />under or about the Property or there is a VlOlation of any Environmental Law concerning the Property. In such an
<br />event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending
<br />or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous
<br />Substance or the violation of any Environmental Law.
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<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public
<br />entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor
<br />authorizes Beneficiary to intervene in Trusto(s name in any of the abov~ described acti~ns or claims. T!llstor assigns to
<br />Beneficiary the proceeds of any award or claIm for damages connected WIth ~ condemn~tlon or othe! taki~g o~ all or ~y
<br />part of the Property. Such proceeds shall be considered payments lIl!-d WIll be apphed as proVIded ~n thIS Secunty
<br />Instrument. This aSSIgnment of proceeds is subject to the terms of any pnor mortgage, deed of trust, secunty agreement or
<br />other lien document.
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<br />19. INSURANC~. Trustor shall keep Pr?perty insured ag~inst los~ ~y fire, flood, theft an~ ot~er h~ards and risks reasonably
<br />associated WIth the Property due to ItS type and location. ThIS msurance shall be mamtamed m the amounts. and for the
<br />periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding sentence can ch~ge dunng the. term
<br />of the Secured Debt. The insurance carrier prOVIding the insur~ce shall. be. chosen by Trustor ~ubJect to Beneficla~y's
<br />approval, which shall not. be unre~sonably WIthheld. If Trustor ~alls ,to ~amt~m the coverage descn.bed above, BenefiCial)'
<br />may, at Beneficiary's option, obtam coverage to protect BenefiCIary s nghts m the Property accordlOg to the terms of thIS
<br />Security Instrument.
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<br />All insurance policies and renewals shall be acceptable to Beneficiary. and shall i~clude a standar~ "mortgag~ cl~use" and,
<br />where applicable, "loss payee clause." Trustor shall immediat~ly notlfy BenefiCIary of canceVatlon or .termmatlOn of the
<br />insurance. Beneficiary shall have the right to hold t~e pohcles and rene~als. If BenefiCIary reqUlres, . T~stor s~all
<br />immediately ~ive to Benefi~iary all receip~s of {laid pre!lllums and renewal nohces. .~pon loss, Trustor. shall gIve ImmedIate
<br />notice to the Insurance carner and BeneficIary. BenefiCIary may make proof ofloss If not made ImmedIately by Trustor.
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<br />(page 3 of 4)
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<br />o 1994 Wolters K luw er Financlel Service. - Banker. System s TM Form RE-DT.N E 1211 5/2006
<br />VMP @-C,65(NE) 107081
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